Chopra, who remained in his position as one of the last key figures from the previous Democratic administration, was responsible for several significant regulatory actions. These included removing medical debt from credit reports and imposing limits on overdraft penalties—efforts aimed at making the financial system fairer and more competitive, benefiting consumers. However, many in the financial industry viewed these initiatives as excessive government intervention.

Chopra was originally appointed by Trump to serve as a Democratic member of the Federal Trade Commission during his first term.

In his farewell letter, Chopra mentioned that the CFPB was prepared to work with the Trump administration on several initiatives, including rules designed to block foreign entities like Russia and China from using data brokers to spy on Americans. He also highlighted policies aimed at protecting individuals from losing banking access based on their political or religious views. Additionally, the bureau analyzed Trump’s campaign proposal to cap credit card interest rates.

Chopra was informed of his firing by email, according to an anonymous source familiar with the matter. Although Chopra was meant to serve a five-year term, he had publicly stated that he would step down if the new president asked.

Chopra’s departure highlights ongoing tensions between Trump’s push to reduce regulations for businesses and his populist appeals to voters. When Chopra remained in his post after Trump took office, critics in the financial sector called for his removal, saying the president needed to act quickly.